Crypto exchange Hotbit says it froze customer funds due to alleged criminal ties of formal employee
On Thursday, cryptocurrency exchange Hotbit said it "suspended trading, deposit, withdrawal and funding functions," with no timeframe for resumption. In explaining the decision, Hotbit stated:
The firm further claims that the remainder of its employees are not involved in the project and possess no knowledge of the alleged illicit activities. With regards to the frozen assets, Hotbit says:
Hotbit is currently headquartered in Hong Kong. As a result of the trading freeze, all unfilled orders will be canceled, and all leveraged exchange-traded fund positions will be liquidated. Meanwhile, Hotbit claims that the income of users' investment products will be distributed normally and that a "compensation plan" for users will be published when the website is resumed. In the past 24 hours, Hotbit processed $25.6 million worth of digital asset transactions.
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